NZ dollar heads for 3.1 percent weekly gain after Fed holds fire, local recovery continues

Fri, 20 Sep 2013

By Paul McBeth Sept. 20 (BusinessDesk) - The New Zealand dollar is heading for a 3.1 percent gain this week after investors were taken by surprise when the US Federal Reserve decided not to slow its money printing programme and as the local economy continues to recover. The kiwi rose to 83.79 US cents at 5pm in Wellington from 81.24 cents at the Monday open in its third weekly gain. It traded at 83.74 cent at 8am and 83.88 cents yesterday. The trade-weighted index increased to 77.97 from 77.86 yesterday, and is heading for a 2 percent weekl...

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